SkinFlip: Unique NFT Collection with NFT Staking Mechanisms

By Sagar Saxena
Published January 4, 2022 Updated January 4, 2022
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SkinFlip: Unique NFT Collection with NFT Staking Mechanisms

By Sagar Saxena
Published January 4, 2022 Updated January 4, 2022

Non-fungible tokens are one of the latest trends of this year that turned many investors into practical millionaires despite being in existence for several years. At first, people only thought of  CryptoPunks and Cryptokitties when they heard of Non-Fungible Tokens. But right now, the NFT market is full of potential companies and their unique projects that have definitely contributed to public awareness. Even within the gaming community, NFTs are making their impression as exclusive collectible items that gamers would love to own. NFT games are slowly taking over the market with an explosive participation rate.

Video gamers these days are interested in taking ownership of collectible items and trading them with fellow gamers whenever they want. But in order to achieve that seamless, secure, and fast operation, they need a reliable NFT marketplace. An ideal NFT marketplace would be one that has a play-to-earn model to offer gamers who spend hours playing an NFT-based game. But unfortunately, NFT platforms available in the market are not designed to support video game asset trade-offs. That kind of perfect solution is what SkinFlip is offering in the form of its unique NFT collection and platform.

SkinFlip Overview:

SkinFlip is an ambitious overtaking of several industry experts who felt the need for a video games-based NFT marketplace but there is much more to offer once this platform is ready to launch. SkinFlip is powered by the Solana blockchain which is one of the 5 renowned blockchains perfect for NFTs. The SkinFlip team is going to develop a multichain NFT marketplace for tradable gaming assets. The project is going to add support for other NFT-friendly blockchains namely Binance Smart Chain, Flow, Ethereum, and Polygon as well in the future.

The goal of SkinFlip is to support open game economies by positioning itself in a thriving market sector in-between the video game industry and NFT-based opportunities. In case you are thinking that the sole reason why SkinFlip will become huge is due to its low-fees, convenient, video game-friendly NFT marketplace then you are only half wrong. In addition to SkinFlip’s one-of-a-kind NFT marketplace, this project has a collection of more than 10,000 unique yet native SkinFlip Turtle NFTs. 

The SkinFlip platform has “Flippy” a SkinFlip turtle as their official mascot. The mascot has 10,000 different personalities and thus several appearances. These cute-looking turtles are the native NFTs of the marketplace owned and operated by the SkinFlip team. The speciality of SkinFlip’s NFT collection is the staking mechanism. Though SkinFlip NFTs have not been minted yet, it is getting significantly popular right before the mint date i.e., January 22.

Holding any SkinFlip Turtle NFT will have the following benefits:

  • Using NFT marketplace at a reduced trading fee
  • Total IP rights to the NFT artwork
  • Getting an early-access to the SkinFlip marketplace
  • Entrance and right to vote the SkinFlip DAO
  • SkinFlip exchange token ($SFX) as passive income
  • Free access to all future products by SkinFlip and its partners
  • SkinFlip will repurchase and burn SkinFlip Turtle NFTs equal to 5% of marketplace trading fees

SkinFlip Unique SFX Token

Being a multi-faceted NFT marketplace, SkinFlip is driven and powered by its native token called the SkinFlip Exchange Token or SFX for short. SFX provides access to DeFi and the Marketplace to each of the holders. The idea behind SFX development was to serve as the foundation for the SkinFlip system and its NFT collection of SkinFlip Turtles. But the team has clarified any confusion regarding SFX being treated as a kind of investment because it does not hold any economic value as of now. It is only meant as a utility token for SkinFlip’s products.

Following are some of the many noteworthy benefits of holding SFX tokens:

  1. Holders of SFX tokens can stake and earn passive yield from it. This mechanism has been put in place to primarily incentivise SFX token holders and discourage sellers so that the SkinFlip NFT ecosystem remains in balance.
  2. SkinFlip will repurchase and burn SFX tokens equal to 45% of fees generated on the SkinFlip marketplace. 
  1. Liquidity mining is possible for holders of SkinFlip Exchange Tokens which would ensure more rewards on decentralized exchanges. We all know that liquidity farming is trending in DeFi ecosystems which is why the SkinFlip team managed to include it on their unique platform.
  2. As SFX is the primary utility token within the SkinFlip ecosystem, you can also sell gaming assets to another participant of the ecosystem in exchange for SFX. Listing your gaming assets in SFX will incur zero trading fees.
  3. In addition to all of the above benefits, being the holder of SFX allows you to have access to future products that are developed or launched by SkinFlip and its partners. This gives people a chance to remain included in the SkinFlip project and be a part of its upcoming developments without investing in a volatile cryptocurrency but a useful utility token in an NFT-based ecosystem.

The characteristics and pre-planned utilities set for SkinFlip Exchange tokens make it perfectly suitable for an open game economy that the SkinFlip project aims to build with the help of NFTs to become a standard and a go-to gaming platform for newbies as well as experienced individuals. 

What makes SFX tokens so different from all other alternatives present in the market is the fact that it has a clear primary utility and solid role to play in the improvement of SkinFlip’s NFT marketplace and ecosystem. There is no doubt that SFX tokens will revolutionize the NFT market.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Sagar Saxena
221 Articles
Passionate about Blockchain and has been researching and writing about the Blockchain technology for over a year now. Also holds expertise in digital marketing. follow me on twitter at @sagar2803 or reach out to him at sagar[at]coingape.com

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